THE PETER SCHIFF BLOG : An Unofficial Tracking of Peter Schiff and The Libertarian Austrian School of Economics

PETER SCHIFF

Saturday, July 30, 2011

Peter Schiff : this is not the crisis , the crisis is coming

Peter Schiff: over the weekend congress is going to be in session trying to avoid the crisis that is going to occur on August second which is Tuesday if we fail to raise the debt ceiling , now I agree we are headed for an economic crisis but as I said before it is because we failed to raise the debt ceiling but because we succeed , every time you have a debt ceiling increase in a politically charged environment you always get this kind of theatrics may be this is even greater than we had in the past , but there is no doubt in my mind that at the end of the day Congress will do the wrong thing and increase the debt ceiling with very little real meaningful cuts to government spending despite all the grand standing on both sides of the isle I think this is more of a charade for the voters and the media loves it of course because they got to report about the crisis , but this is not the crisis , the crisis is coming

Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.